Visa and Swift Team Up to Enhance Transparency, Speed and Security in Global B2B Money Movement
Visa and Swift today announced a collaboration to streamline international business-to-business (B2B) payments by strengthening connectivity between their networks that move trillions in value globally. Working together, the organizations aim to provide financial institutions and their customers with more choice when sending money across borders, while improving the end-to-end speed and transparency of their transactions.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230919421963/en/
Visa and Swift team up to streamline global money movement (Graphic: Business Wire)
As part of the joint effort, announced in Toronto at the annual Sibos conference, Visa will deploy capabilities developed by Swift that can help increase the speed and certainty of cross-border money movement. This includes Swift Payment Pre-validation to enable upfront checks of Visa B2B Connect payments, reducing unnecessary delays by catching potential errors before the payment is initiated. Additionally, the networks plan to work together to increase end-to-end transaction visibility by using high-speed Swift GPI capabilities and tracking data. Visa will migrate its connection to Swift through Alliance Cloud, a scalable, secure cloud-based channel for connecting to Swift’s network, as well as messaging services, standards and solutions.
Through this collaboration, financial institutions on both networks will have more routing options for their business customers, with real-time status and updates. In a world facing increased fragmentation, these efforts advance the goals of both organizations to keep the world’s financial infrastructure connected with the right levels of security, resiliency, reliability and compliance.
Chris Newkirk, Global Head of Commercial & Money Movement Solutions at Visa said: "Many businesses continue to face complexities while making cross-border payments that hurt their bottom lines. By working with Swift, Visa will help enhance our financial institution clients’ offerings to their corporate customers. The collaboration will help provide clarity and enhanced data, while removing errors before, during and after the payment.”
Thierry Chilosi, Chief Strategy Officer at Swift commented: “Expectations for international payments are rising as the complexity of moving money across borders is intensifying. Our work with Visa helps address both challenges, providing new connectivity and capabilities in the backend to drive exciting innovation in front-end customer channels. It’s part of our strategic focus on payment optionality, enabling value in all forms to move seamlessly around the world with strong peace of mind on security and trust and, through collaborations like this, consistently elevating the customer experience.”
Swift provides best-in-class infrastructure with unrivalled reach, transparency, security, and trust — infrastructure that interoperates seamlessly across geographies, networks and technologies while neutrally supporting fiat or digital currencies. It supports an inclusive and sustainable global finance system, securely interconnecting more than 11,500 institutions across more than 200 countries and territories to move the equivalent of world GDP roughly every three days. Through strong focus on innovation, and aligned with G20 goals, it is consistently raising the bar on the cross-border experience with advanced capabilities that remove friction, accelerate speed and increase security and transparency.
Visa B2B Connect is an innovative cross-border B2B payments solution for businesses worldwide. Built upon Visa's extensive global network and fortified by advanced security technology, Visa B2B Connect empowers businesses to seamlessly authenticate and manage cross-border B2B payments. By offering real-time visibility, expedited payment processing, and robust monitoring capabilities, the platform sets new standards for efficiency, transparency and security. Since October 2022, Visa B2B Connect has welcomed over 30 bank clients in more than 20 countries, and payments have been routed to 90 countries globally.
Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.
Swift is a global member owned cooperative and the world’s leading provider of secure financial messaging services. We provide our community with a platform for messaging and standards for communicating, and we offer products and services to facilitate access and integration, identification, analysis and regulatory compliance.
Our messaging platform, products and services connect more than 11,500 banking and securities organisations, market infrastructures and corporate customers in more than 200 countries and territories. While Swift does not hold funds or manage accounts on behalf of customers, we enable our global community of users to communicate securely, exchanging standardised financial messages in a reliable way, thereby supporting global and local financial flows, as well as trade and commerce all around the world.
As their trusted provider, we relentlessly pursue operational excellence; we support our community in addressing cyber threats; and we continually seek ways to lower costs, reduce risks and eliminate operational inefficiencies. Our products and services support our community’s access and integration, business intelligence, reference data and financial crime compliance needs. Swift also brings the financial community together – at global, regional and local levels – to shape market practice, define standards and debate issues of mutual interest or concern.
Headquartered in Belgium, Swift’s international governance and oversight reinforces the neutral, global character of its cooperative structure. Swift’s global office network ensures an active presence in all the major financial centres.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
+32 (0)2655 3377
About Business Wire
(c) 2018 Business Wire, Inc., All rights reserved.
Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
SLB Announces Third-Quarter 2023 Results Conference Call22.9.2023 19:00:00 CEST | Press release
SLB (NYSE:SLB) will hold a conference call on October 20, 2023 to discuss the results for the third quarter ending September 30, 2023. The conference call is scheduled to begin at 9:30 am US Eastern time and a press release regarding the results will be issued at 7:00 am US Eastern time. To access the conference call, listeners should contact the Conference Call Operator at +1 (844) 721-7241 within North America or +1 (409) 207-6955 outside of North America approximately 10 minutes prior to the start of the call and the access code is 8858313. A webcast of the conference call will be broadcast simultaneously at www.slb.com/irwebcast on a listen-only basis. Listeners should log in 15 minutes prior to the start of the call to test their browsers and register for the webcast. Following the end of the conference call, a replay will be available at www.slb.com/irwebcast until November 20, 2023, and can be accessed by dialing +1 (866) 207-1041 within North America or +1 (402) 970-0847 outsid
Energy Dome's CO2 Battery ™ to Revolutionize U.S. Energy Landscape With First Installation Slated for 202622.9.2023 17:45:00 CEST | Press release
A groundbreaking development in sustainable energy storage is on the horizon for Columbia County, Wisconsin, U.S., spearheaded by Alliant Energy in collaboration with Energy Dome and other key stakeholders. Alliant Energy has just announced its selection to receive a federal grant of up to approximately $30 million from the U.S. Department of Energy's Office of Clean Energy Demonstrations (OCED) for the pioneering Columbia Energy Storage Project, a proposed 200-megawatt hour energy storage system, based on Energy Dome’s signature technology: the CO2 Battery™. This visionary battery system, aptly named the “Columbia Energy Storage Project”, is poised to be a trailblazer in the United States, marking a pivotal stride towards a more sustainable, reliable, and cost-effective energy future. Claudio Spadacini, CEO of Energy Dome, declared: “I’m honored to be part of this remarkable journey alongside Alliant Energy. The Columbia Energy Storage Project marks the genesis of a new era, where the
Settlement Administrator Angeion Group Announces Proposed Settlement In U.S. Dollar LIBOR-Based Instrument Class Action22.9.2023 15:00:00 CEST | Press release
There are lawsuits impacting individuals and institutions that entered into over-the-counter financial derivative and non-derivative instruments directly with 17 banks and that received payments tied to U.S. Dollar LIBOR. A Settlement totaling $101 million has been reached with Coöperatieve Rabobank U.A. (“Rabobank”), Lloyds Banking Group plc, Lloyds Bank plc, HBOS plc, and Bank of Scotland plc (together, “Lloyds”), Royal Bank of Canada (“RBC”), and Portigon AG and Westdeutsche Immobilien Servicing AG (together “Portigon”). Earlier settlements totaling $680 million were reached with Barclays, Citibank, Deutsche Bank, HSBC, MUFG, Norinchukin, and SocGen bringing the total settlement amount to $781 million. The remaining Non-Settling Defendants include Bank of America, Credit Suisse, JPMorgan Chase, Royal Bank of Scotland, and UBS. What does the Settlement provide? The Settlement will create a Settlement Fund totaling $101 million that will be used to pay eligible Class Members who submi
Kenvue to Announce Third Quarter 2023 Results on October 26, 202322.9.2023 12:30:00 CEST | Press release
Kenvue Inc. (NYSE: KVUE) (“Kenvue”), the world’s largest pure-play consumer health company by revenue, will announce its financial results for the third quarter ending October 1, 2023, before market open on October 26, 2023. The company will host a conference call and webcast at 8:30 a.m. Eastern Time to discuss its third quarter results. The conference call can be accessed by dialing 877-407-8835 from the U.S. or 201-689-8779 from international locations. A live webcast of the conference call will be available at https://investors.kenvue.com. A replay will be available approximately two hours after the live event. About Kenvue Kenvue is the world’s largest pure-play consumer health company by revenue. Built on more than a century of heritage, our iconic brands, including Aveeno®, BAND-AID® Brand Adhesive Bandages, Johnson’s®, Listerine®, Neutrogena® and Tylenol®, are science-backed and recommended by healthcare professionals around the world. At Kenvue, we believe in the extraordinary
OS Achieves 800-Puff Milestone with FEELM Max Technology22.9.2023 11:34:00 CEST | Press release
A significant mark in the vaping industry was set when OS Vape, a pioneering disposable product series from OS, showcased its dynamic range at the InterTabac from September 14th to 16th in Germany. Recognized as a leading brand in Germany's shisha product market, OS boasts an extensive local network of channels. Drawing upon this rich resource base, OS's foray into the disposable e-cigarette domain promises consumers enhanced puff counts, cost-efficiency, and unparalleled vapor consistency. As revealed by Future Marketing Insights, Europe's disposable market witnessed a substantial surge, accounting for a 32.3% revenue share in 2022. This robust growth underscores the escalating consumer preference for hassle-free, smokeless alternatives that eliminate the need for recharges or refills. The evolution of the disposable sector brings heightened convenience and a broader array of choices for consumers. Capitalizing on this trend, OS, through its innovative product series and leveraging it